Siemens’ Energy Business Spin-Off

Hengeler Mueller advised Siemens on the transaction.

Siemens AG has published key details of the spin-off of its energy business, together with the invitation to the Extraordinary Shareholders’ Meeting on July 9, 2020. Issuance of the spin-off report marks another key milestone in the creation of an independent, world-leading energy pure play. Siemens shareholders are to receive one share of Siemens Energy AG for every two shares of Siemens AG. Fifty-five percent of Siemens Energy will be spun off to Siemens shareholders.

The new Siemens Energy will have about 91,000 employees worldwide (as of March 31, 2020). Its products will include, among other things, combined cycle turbines, generators, transformers and compressors. In the area of wind turbines, Siemens Energy will be a world-market leader in renewable energies due to its 67 percent stake in Siemens Gamesa Renewable Energy. In fiscal 2019, Siemens Energy generated revenue of about €29 billion according to the Combined Financial Statements of Siemens Energy AG as of September 30, 2019, which were prepared on a voluntary basis.

Hengeler Mueller’s team was led by partners Simon Patrick Link (Picture), Jochen Vetter (both Corporate, Munich) and Alexander G. Rang (Capital Markets, Frankfurt) and includes partners Carsten Schapmann (Corporate, Düsseldorf), Wolfgang Groß (Capital Markets, Frankfurt), Matthias Scheifele (Tax, Munich) and Wolfgang Kellenter (IP, Düsseldorf). Further team members are counsel Cecilia Di Ció (Capital Markets, Frankfurt), Moritz Rademacher (Public Law, Düsseldorf) and Gunther Wagner (Tax, Munich) as well as associates Theresa Lauterbach, Thomas Weierer, Antonia Wegener, Daniel Illhardt (all Corporate, Munich), Caspar Schmelzer, Pascal Brandt and Henrik Gildehaus (all Capital Markets, Frankfurt).

Siemens’ inhouse team involved in the transaction includes Andreas C. Hoffmann (Overall Project Lead), Christian Bleiweiß (SAG Project Lead), Anton Steiger (SE Project Lead), Steffen Föhr, Christian Lamers, Dr. Frank Lenhard, Marcel Mann, Dr. Thomas Müller, Dr. Pascal Royla, Jennifer Schiffrin, Dr. Christopher Strehle and Dr. Dirk Voß.

Involved fees earner: Pascal Brandt – Hengeler Mueller; Cecilia di Ció – Hengeler Mueller; Henrik Gildehaus – Hengeler Mueller; Wolfgang Groß – Hengeler Mueller; Daniel Illhardt – Hengeler Mueller; Wolfgang Kellenter – Hengeler Mueller; Theresa Lauterbach – Hengeler Mueller; Simon Patrick Link – Hengeler Mueller; Moritz Rademacher – Hengeler Mueller; Alexander Rang – Hengeler Mueller; Carsten Schapmann – Hengeler Mueller; Matthias Scheifele – Hengeler Mueller; Caspar Schmelzer – Hengeler Mueller; Jochen Vetter – Hengeler Mueller; Gunther Wagner – Hengeler Mueller; Antonia Wegener – Hengeler Mueller; Thomas Weierer – Hengeler Mueller;

Law Firms: Hengeler Mueller;

Clients: Siemens;